Thailand is already among front runner nations among USA, AU, CANADA, EU to legalize Digital currency and DLT (as on March 2019) around the world.

Bitcoin currencies approved in Thailand

Since BOT governs banks, Currently Banks are allowed to open bank accounts for crypto businesses. There are certain limitations for banks to do crypto business themselves / though affiliated companies.

Apart from BOT guidelines for Banks, in nutshell – Currently Thailand’s regulatory framework on cryptocurrencies, digital assets and ICOs are :

  1. Royal Decree on digital asset businesses and ICOs says, digital asset businesses and ICOs allowed under certain license requirements and limitations
  2. Royal Decree of crypto taxation: Crypto profits are taxable with a CIT of 20% . Also Certain withholding taxes of 15% apply. Certain VAT of 7% is applicable.
  3. SEC regulations are to be followed for Details of licensing process and business limitations for all foreign currencies.
  4. Not just this, I heard BoT (Bank of Thailand) will formulize full implementation of using digital currency among financial institutions by first quarter of 2019.

With all above, Thailand will be fast-tracking to become ASEAN Digital Capital.